Rapper Tyga Buried Under $8 Million In Tax Debt Keeps Going Deeper
Michael R. Stevenson is better known by his stage name of Tyga.
Source: forbes.com
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Challenging IRS International Assessable Reporting Penalties
When it comes to international information reporting penalties, the Internal Revenue Service does not play fairly. That is because international…
Source: lexology.com
Supreme Court Unanimously Holds That The IRS Can Summon A Law Firm's Bank Records Without Giving Notice If Their Client Owes Back Taxes
The Court unanimously agreed with the Sixth Circuit.
Source: abovethelaw.com
The US Tax Court Rules The IRS Lacks Statutory Authority To Assess International Information Return Penalties - Tax Authorities
On April 3, 2023, the Tax Court in Farhy v. Commissioner rejected IRS efforts to impose penalties on a taxpayer's failure to file Form 5471. According to the Tax Court, these foreign...
Source: mondaq.com
IRS Lacks Statutory Authority To Assess Certain Form 5471 Penalties - Tax Authorities
The recent Tax Court decision in Farhy demonstrates that clever and novel arguments can carry the day in complex tax litigation matters. In that case, the taxpayer stipulated...
Source: mondaq.com